SANTIAGO, CHILE--(Marketwire - Feb 14, 2013) - Swingplane Ventures, Inc. (
Swingplane Venture, Inc.'s (the "Company") Algarrobo Property (the "Property") is an Iron Oxide-Copper-Gold (IOCG) property located approximately 850 km north of Santiago, in the III Region, Province of Copiapo, Chile. The city of Copiapo is located approximately 43 km to the southeast of the Property, with the small port city of Caldera 25 km to the east. The Property consists of 32 tenures, comprising a total of 6,161 ha (15,224 acres).
Iron Oxide-Copper-Gold (IOCG) deposits are characterized by high iron content, as magnetite and/or hematite, with variable amounts of copper and other by-product metals and/or minerals. Deposits having high iron content with little or no copper ("Kiruna-type"), as well as typical IOCG deposits occur along the length of the Chilean Iron Belt. The closest example of an iron-rich deposit (having subordinate copper) to the Property is Cerro Negro North (approximately 20 km to the east). The deposits of the Punte del Cobre -- Candelaria (approximately 65 km south) and both Mantoverde (AngloAmerican) and Santo Domingo (Capstone Mining), both of which are approximately 30 km north, are the closest examples of IOCG deposits to the Property.
The Property shows similar vein-style IOCG mineralization to that reported from the above examples. Veins having a high hematite content (as "almagrado", an intimate mix of copper minerals and hematite) up to 5 m thick are relatively abundant throughout the Main Mineralized trend and, more specifically, the Major Veins (see News Release dated January 30, 2013). Analytical results from samples taken during two Due Diligence Property visits (in February and December, 2013) confirm high iron content (to 55.24%), together with copper grades ranging between 1.06 and 46.58% (representative grab samples from high grade veins and/or high grade mineralized material hand sorted for sale to ENAMI. Note: Grab samples are selective by nature and are unlikely to represent average grades of the deposit).
R. Walker, Q.P. for the Company, undertook an initial Due Diligence property evaluation between January 30 and February 2, 2012. Two and a half days were spent undertaking a preliminary evaluation of the Property. Property orientation emphasized a review of existing workings and historical underground mines exposed at surface on, and immediately adjacent to, the Property. The majority of the workings defining the three "Major Veins" and the "Main Mineralized Trend" are located within, and immediately adjacent to, the northeast and eastern portion of the Property (i.e. the portion of the Property defined by the Roble tenures).
A total of 22 representative samples were recovered during the visit, from copper-bearing veins from four separate areas on the Property. Select sample results are tabulated below.
|ALGADG-15||344001||7007261||2.86||5.833||3158||15.1||348.3||55.24||0.5||> 2000.0||> 2000|
Note: Grab samples are selective by nature and are unlikely to represent average grades of the deposit.
The primary objective of the property evaluation was to evaluate the mineral potential of the Property based on the continuity and apparent strike extent of the three Major Veins described in the area, as well as evidence for a series of secondary, subsidiary and/or en echelon, high grade, copper mineralized veins. The primary evidence available to define individual veins are the surface workings excavated to develop them, primarily in the form of limited surface to near sub-surface excavations.
On the basis of this initial property visit, the following conclusions were made:
1. Several samples document anomalous levels of silver and gold, which, together highly anomalous cobalt ( > 4,000 ppm), Lanthanum ( > 2,000 ppm) and Cerium ( > 2,000 ppm), are consistent with the Iron Oxide-Copper-Gold (IOCG) mineral deposit model;
2. The majority of the samples confirm highly anomalous to potentially ore grade copper (by definition, as rock grading in excess of 9% Cu can be shipped to the ENAMI facility at Copiapo as "Direct Shipping Ore");
3. Samples recovered from exploratory trenches, located approximately 6.3 km from the nearest producing veins, are interpreted to indicate potential for identification of additional, well mineralized, copper-bearing veins below the extensive eolian sand cover characterizing the Angela tenures;
4. There is sufficient evidence to support the interpretation that existing production on the Property can be increased, both in terms of continued underground development on existing drifts through the purchase of heavy equipment as well as development of additional production drifts on other high grade, copper mineralized veins identified on the Property;
5. There is evidence that the currently identified "Major Veins" and/or the subsidiary veins identified on and/or adjacent to the Property potentially extend farther in both directions along strike and to greater depth than currently tested in the majority of workings to date;
6. Subsequent work on the Property will be required for both development (i.e. to increase production on multiple veins) and exploration (i.e. make a more thorough evaluation of the mineral potential of the Property);
7. Limited trenching elsewhere on the Property, on an exploratory basis, has demonstrated potential to identify additional well mineralized, high grade, copper-bearing veins well beyond those veins currently known. More specifically, the Major Veins, within the Main Mineralized Trend, are interpreted to extend through the Angela tenures (which are largely covered under a blanket of eolian sand of highly variable thickness) to the southwest; and
8. Further exploration will be required to make a more adequate evaluation of the mineral potential available on the Property.
The Property is interpreted to have considerable potential to increase production on both existing drifts, as well as developing additional drifts for production. In addition, the Property is believed to have considerable potential for discovery of additional high grade copper mineralized veins through a program of systematic exploration of the Property.
A primary mandate of the Company is to increase production from the Property. Therefore, the Company plans to aggressively pursue further evaluation of the ore, coincident with work to identify opportunities to increase development of additional high grade mineralized copper veins.
Note: Grab samples are selective by nature and are unlikely to represent average grades of the deposit.
Samples ALGADG-14 to 16 are representative samples from hand sorted piles from the active Veta Gruesa Center Drift. Sample ALGADG-14 was taken from the most recent muck pile prior to hand sorting for grade separation. Sample ALGADG-15 is a representative sample of "Direct Shipping Ore" (i.e. ore that can be shipped, with no additional processing, directly to the government owned ENAMI facility at Copiapo), while ALGADG-16 is a sample of low grade ore stockpiled for later processing.
Samples ALGADG 4-5, and 8 to 13 were taken from an area of recent exploration to expose and develop additional near surface mineralization, located approximately 500 m west-southwest of the Production Drift. Representative samples were recovered from shallow surface trenches excavated to expose copper-bearing veins identified at surface along the projection of the vein.
Samples ALGA12RW-01-2 and ALGADG1-3 were taken from shallow, near surface trenches to test for copper-bearing mineralized veins in the immediate vicinity of an old, sand filled shaft discovered in the eolian sand cover. These exploratory trenches were excavated approximately 6.3 km southwest of the Veta Gruesa Centre Drift and approximately 1.3 km from a mapped exposure of the Jurassic Plutón Sierra El Roble, which hosts for the "Major Veins" documented to the north.
The remaining samples were taken from along a road cut which exposed dioritic material correlated to the Plutón Sierra El Roble, approximately 1.2 km east-southeast of the samples above and approximately 6.3 km southwest of the Veta Gruesa Centre Drift.
The content of this news release has been reviewed by Rick Walker, B.Sc., M.Sc., P. Geo., a Qualified Person for the purposes of NI 43-101, with the ability and authority to verify the authenticity and validity of the data herein.
Safe Harbor Statement
THIS NEWS RELEASE CONTAINS "FORWARD-LOOKING STATEMENTS," AS THAT TERM IS DEFINED IN SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE UNITED STATES SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. STATEMENTS IN THIS NEWS RELEASE, WHICH ARE NOT PURELY HISTORICAL, ARE FORWARD-LOOKING STATEMENTS AND INCLUDE ANY STATEMENTS REGARDING BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS REGARDING THE FUTURE.
EXCEPT FOR THE HISTORICAL INFORMATION PRESENTED HEREIN, MATTERS DISCUSSED IN THIS NEWS RELEASE CONTAIN FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO CERTAIN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH STATEMENTS. STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS THAT ARE PRECEDED BY, FOLLOWED BY, OR THAT INCLUDE SUCH WORDS AS "ESTIMATE," "ANTICIPATE," "BELIEVE," "PLAN" OR "EXPECT" OR SIMILAR STATEMENTS ARE FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS CONTAINED IN THIS NEWS RELEASE INCLUDE STATEMENTS RELATING TO THE COMPANY'S PLANS TO ENTER INTO A MINING OPTION AGREEMENT WITHIN THE NEXT FORTY-FIVE DAYS. RISKS AND UNCERTAINTIES FOR THE COMPANY INCLUDE, BUT ARE NOT LIMITED TO, THE RISKS ASSOCIATED WITH MINERAL EXPLORATION AND FUNDING AS WELL AS THE RISKS SHOWN IN THE COMPANY'S MOST RECENT ANNUAL AND QUARTERLY REPORTS ON FORM 10-K AND FORM 10-Q, RESPECTIVELY, AND FROM TIME-TO-TIME IN OTHER PUBLICLY AVAILABLE INFORMATION REGARDING THE COMPANY. OTHER RISKS INCLUDE RISKS ASSOCIATED WITH THE REGULATORY APPROVAL PROCESS, COMPETITIVE COMPANIES, FUTURE CAPITAL REQUIREMENTS AND THE COMPANY'S ABILITY AND LEVEL OF SUPPORT FOR ITS EXPLORATION AND DEVELOPMENT ACTIVITIES. THERE CAN BE NO ASSURANCE THAT THE COMPANY''S EXPLORATION EFFORTS WILL SUCCEED AND THE COMPANY WILL ULTIMATELY ACHIEVE COMMERCIAL SUCCESS. THESE FORWARD-LOOKING STATEMENTS ARE MADE AS OF THE DATE OF THIS NEWS RELEASE, AND THE COMPANY ASSUMES NO OBLIGATION TO UPDATE THE FORWARD-LOOKING STATEMENTS, OR TO UPDATE THE REASONS WHY ACTUAL RESULTS COULD DIFFER FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS. ALTHOUGH THE COMPANY BELIEVES THAT THE BELIEFS, PLANS, EXPECTATIONS AND INTENTIONS CONTAINED IN THIS NEWS RELEASE ARE REASONABLE, THERE CAN BE NO ASSURANCE THOSE BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS WILL PROVE TO BE ACCURATE. INVESTORS SHOULD CONSIDER ALL OF THE INFORMATION SET FORTH HEREIN AND SHOULD ALSO REFER TO THE RISK FACTORS DISCLOSED IN THE COMPANY'S PERIODIC REPORTS FILED FROM TIME-TO-TIME WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION.
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